SATO Corporation, Press Release, 14th December 2016 at 1:25 pm
SATO Corporation and Aktia Bank plc have agreed on an unsecured bilateral loan of €50 million. The loan will be used for refinancing purposes. The agreement on the five-year loan with two one-year extension options was signed in Helsinki on 14 December 2016. The financing agreement is part of SATO's continuous process to adjust its financing structure towards increased use of unsecured debt.
SATO has diversified its financing structure and improved its liquidity position with €400 million unsecured syndicated credit facilities signed with several commercial banks in June.
The solidity of SATO's financing structure has also been boosted further by unsecured bond issues and the unsecured loan of €150 million obtained last month from the European Investment Bank (EIB).
- This loan from Aktia helps enable our flexible investments in the near future, says SATO President and CEO Saku Sipola. The loan is important for us as it diversifies SATO's financing structure further and supports our objective of increasing the share of unencumbered assets.
According to Sipola, commercial banks can also see the changes made in SATO's financing structure and find that it makes sense for them to support the company in its unsecured borrowing arrangements.
For more information please contact:
SATO Corporation
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 551 5953
Janne Runsamo, Group Treasurer, phone +358 201 34 4009 or +358 45 671 3567
SATO is one of Finland's leading rental housing providers. SATO's aim is to offer comprehensive alternatives in rental housing and an excellent customer experience. SATO holds roughly 25,700 rental apartments in Finland's largest growth centres and in St Petersburg.
In our operations, we promote sustainable development and initiative-taking, and work in open interaction with our stakeholders to create added value. We operate profitably and with a long-term view.We increase the value of our housing property through investments, divestments and repair work.
SATO Group's net sales in 2015 were €323.4 million, operating profit €196.5 million and profit before taxes €159.4 million. SATO's investment properties have a value of roughly 3.3 billion (Q3/2016).